Davis Financial Correlations

DVFYX Fund

USD 69.77 1.78 2.62%

The current 90-days correlation between Davis Financial and Davis International Fund is 0.74 (i.e., Poor diversification). The correlation of Davis Financial is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Davis Financial Correlation With Market

Almost no diversification

The correlation between Davis Financial Fund and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Davis Financial Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Davis Financial Fund. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Davis Mutual Fund

0.67	DILCX	Davis International	Pair Corr
0.66	DILAX	Davis International	Pair Corr
0.66	DILYX	Davis International	Pair Corr
1.0	RPFGX	Davis Financial	Pair Corr
0.98	RPFCX	Davis Appreciation Income	Pair Corr
0.9	RPFRX	Davis Real Estate	Pair Corr
0.96	RPEAX	Davis Opportunity	Pair Corr
0.98	DNVYX	Davis New York	Pair Corr
0.9	DREYX	Davis Real Estate	Pair Corr
0.9	DRECX	Davis Real Estate	Pair Corr
0.98	NYVCX	Davis New York	Pair Corr
0.91	NYVBX	Davis New York	Pair Corr
0.98	NYVRX	Davis New York	Pair Corr
0.98	NYVTX	Davis New York	Pair Corr
0.9	DCSCX	Davis Appreciation Income	Pair Corr
0.9	DCSYX	Davis Appreciation Income	Pair Corr
0.92	DFFCX	Davis Financial	Pair Corr
0.9	DGFCX	Davis Global	Pair Corr
0.89	DGFAX	Davis Global	Pair Corr
0.89	DGFYX	Davis Global	Pair Corr
0.96	DGOYX	Davis Opportunity	Pair Corr
0.98	VFAIX	Vanguard Financials Index	Pair Corr
0.94	FRBCX	Regional Bank	Pair Corr
0.94	JRGRX	Regional Bank	Pair Corr
0.98	PRISX	T Rowe Price	Pair Corr
0.97	FIDCX	Financial Industries	Pair Corr
0.98	TFIFX	T Rowe Price	Pair Corr
0.86	FSMMX	Fs Multi Strategy	Pair Corr
0.78	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.86	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.86	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.78	SPMJX	Invesco Steelpath Mlp	Pair Corr

Moving against Davis Mutual Fund

0.68	RFBAX	Davis Government Bond	Pair Corr
0.69	DGVCX	Davis Government Bond	Pair Corr
0.67	DGVYX	Davis Government Bond	Pair Corr
0.67	DFCFX	Lwasdfa Two Year	Pair Corr
0.36	PSDTX	Putnam Short Duration	Pair Corr
0.35	TEIMX	T Rowe Price	Pair Corr

Related Correlations Analysis

	DILCX	DILAX	DILYX	RPFGX	RPFCX	RPFRX	RPEAX	DNVYX	RFBAX	DREYX
DILCX		1.0	1.0	0.67	0.67	0.8	0.66	0.68	-0.21	0.8	DILCX
DILAX	1.0		1.0	0.66	0.67	0.79	0.65	0.68	-0.2	0.79	DILAX
DILYX	1.0	1.0		0.66	0.66	0.79	0.65	0.67	-0.2	0.79	DILYX
RPFGX	0.67	0.66	0.66		0.98	0.9	0.96	0.98	-0.69	0.9	RPFGX
RPFCX	0.67	0.67	0.66	0.98		0.89	0.98	0.99	-0.71	0.89	RPFCX
RPFRX	0.8	0.79	0.79	0.9	0.89		0.89	0.9	-0.57	1.0	RPFRX
RPEAX	0.66	0.65	0.65	0.96	0.98	0.89		1.0	-0.79	0.89	RPEAX
DNVYX	0.68	0.68	0.67	0.98	0.99	0.9	1.0		-0.76	0.9	DNVYX
RFBAX	-0.21	-0.2	-0.2	-0.69	-0.71	-0.57	-0.79	-0.76		-0.57	RFBAX
DREYX	0.8	0.79	0.79	0.9	0.89	1.0	0.89	0.9	-0.57		DREYX
	DILCX	DILAX	DILYX	RPFGX	RPFCX	RPFRX	RPEAX	DNVYX	RFBAX	DREYX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

DILAX	+ 1.0	DILCX
DILYX	+ 1.0	DILCX
DILYX	+ 1.0	DILAX
DREYX	+ 1.0	RPFRX
DNVYX	+ 1.0	RPEAX
DNVYX	+ 0.99	RPFCX

High negative correlations

RFBAX	- 0.79	RPEAX
RFBAX	- 0.76	DNVYX
RFBAX	- 0.71	RPFCX
RFBAX	- 0.69	RPFGX
DREYX	- 0.57	RFBAX
RFBAX	- 0.57	RPFRX

Risk-Adjusted Indicators

There is a big difference between Davis Mutual Fund performing well and Davis Financial Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Davis Financial's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DILCX	1.40	0.18	0.09	0.10	2.09	(1.38)	2.76	(2.69)	12.36
DILAX	1.42	0.19	0.09	0.10	2.10	(1.40)	2.76	(2.77)	12.33
DILYX	1.42	0.19	0.09	0.10	2.08	(1.40)	2.79	(2.73)	12.25
RPFGX	1.20	0.10	0.00	(0.02)	0.00	0.00	2.55	(3.13)	9.99
RPFCX	0.81	0.07	0.00	(0.03)	0.00	0.00	1.49	(1.68)	7.91
RPFRX	1.08	0.09	0.06	(0.01)	1.68	(1.02)	1.88	(2.73)	8.69
RPEAX	1.14	0.08	0.00	(0.04)	0.00	0.00	2.12	(2.60)	11.90
DNVYX	1.13	0.08	0.00	(0.04)	0.00	0.00	2.15	(2.44)	11.64
RFBAX	0.09	0.01	0.61	(2.42)	0.00	(0.26)	0.20	(0.20)	0.78
DREYX	1.09	0.09	0.06	(0.01)	1.69	(1.03)	1.88	(2.72)	8.67

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